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H.B. 265 Enrolled

    

MINING BOND AND SURETY FORFEITURE FUND

    
1997 GENERAL SESSION

    
STATE OF UTAH

    
Sponsor: Michael R. Styler

    AN ACT RELATING TO MINES AND MINING; CREATING AN EXPENDABLE TRUST
    FUND KNOWN AS THE BOND AND SURETY FORFEITURE TRUST FUND; AND
    SPECIFYING CONTENTS OF THE FUND AND USE OF FUND MONIES.
    This act affects sections of Utah Code Annotated 1953 as follows:
    ENACTS:
         40-6-19, Utah Code Annotated 1953
    Be it enacted by the Legislature of the state of Utah:
        Section 1. Section 40-6-19 is enacted to read:
         40-6-19. Bond and Surety Forfeiture Trust Fund created -- Contents -- Use of fund
     monies.
        (1) There is created an expendable trust fund known as the Bond and Surety Forfeiture
    Trust Fund.
        (2) Monies collected by the Division of Oil, Gas and Mining as a result of bond or surety
    forfeitures shall be deposited in the fund.
        (3) Interest earned on monies in the fund shall accrue to the fund.
        (4) (a) Money from each forfeited bond or surety, together with interest, shall be used by
    the Division of Oil, Gas and Mining to accomplish the requisite performance standards under the
    program to which the forfeited bond or surety corresponds.
        (b) Any money not used for a project shall be returned to the rightful claimant.


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